NIFTY PHARMA Weekly Outlook and Analysis:

For the Week: (Feb 01,2021 – Feb 05,2021)

NIFTY PHARMA Index closed the week on negative note losing 371.85 points 2.96%.

Weekly High: 12,867.85

Weekly Low: 12,101.45

Weekly Close: 12,170.25

Weekly Support & Resistance For Nifty Pharma Index:

NIFTY PHARMA index opened gap up and rallied in opening session of the week. However, index gave up all the gain and ended with loss in later half of the week back of profit booking from smart money. We expect index likely to continue its downtrend going forward, though any positive outcome for this sector in budget could trigger short covering bounce.

Technically on the daily charts we see minor support on the downside for NIFTY PHARMA index lies at 11900 levels, whereas minor resistance on the upside is capped around 12450-12500 levels.

If NIFTY PHARMA index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 11600 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 12800.

Currently NIFTY PHARMA index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 11700 on downside and 12700 on upside.